FRANKFURT -- The weakening euro is putting more pressure on the European Central Bank to raise interest rates, perhaps as soon as next week.

All signs from the ECB point to an imminent rate rise, either on Aug. 31 or in September. But hints that the European economy might be headed for a bit of a slowdown put the ECB in a bind. Higher rates designed to fend off inflation from a weaker euro could dent the budding economic recovery in some of the euro-zone's largest countries, namely Germany and Italy.